高息股：近期市場風險偏好降低，資金料流入防守性板塊 今日市場焦點 中國12月工業利潤；香港12月進口、出口及貿易收支； 宏觀焦點 每日港股評析 港股早晨快訊 2026 年 1 月 27 日星期二 2012-01- 17 市場回顧 中港股市短期展望 恒指短期阻力參考 27,188 點：聯儲局 12 月一如預期減息 0.25 厘，市場 預期 2026 年主席換屆後貨幣政策立場轉鴿，預測減息 2 次，高於聯儲局 預測，惟仍需觀望經濟數據及其餘委員取態。美國延續減息，內地放寬貨 幣政策的空間加大。2026 年為十五五規劃開局之年，市場預期內地第一 季政策發力，落實重點工作(擴內需、實現科技自主自強、反內卷)，並可 能降準降息。中證監重申推動各類中長期資金進一步提高入市規模比例， 惟近日滬深北交易所提高融資保證金比例，滬深北三市集體降槓桿，短期 內可能會出現回調壓力。港股對於全球流動性的變化更為敏感，在地緣政 治不穩下，外資或減慢流入；同時，北水自去年第四季以來顯著減慢流入， 港股上升動能不足，恒指短期料受制 2025 年 11 月高位 27,188 點。 短期看好板塊 航空股：超長春節假期迎旅遊高峰，人民幣升值油價偏 ...

Technical Analysis - Li Ning's stock price has shown a strong breakout, closing above the significant psychological level of 20 HKD, confirmed by increased trading volume, indicating heightened investor interest [1] - However, the rapid price increase has created technical adjustment pressure, with multiple oscillators signaling overbought conditions, including an RSI of 67 and warnings from the Williams and stochastic indicators [1] - Key resistance levels are identified at 21.4 HKD and 21.8 HKD, with a significant challenge expected at higher targets like 25 HKD [1] Market Perspectives - Long-term view highlights structural opportunities driven by favorable policies, such as tax rebates and consumption subsidies, which are expected to boost domestic demand through 2026 [4] - Li Ning, as a leading company in the domestic sports goods sector, is positioned to benefit from these long-term trends, with a recommendation for a call option with a strike price of 23.33 HKD [4] - Short-term perspectives express caution, noting that the stock is nearing overbought territory, with the daily, weekly, and monthly closing prices close to or exceeding the upper Bollinger Band [5] Derivative Products Analysis - Recent performance of derivative products shows significant leverage, with a call option gaining approximately 10% in two trading days, compared to a 2.36% increase in the underlying stock [6] - In the current market context, selecting derivative products should align closely with key technical levels of the underlying stock to manage risk effectively [8] - Specific call options, such as those with a strike price of 23.3 HKD, are designed for investors who believe in Li Ning's long-term potential and expect a breakout above short-term resistance [8]

一、恆指走勢分析及衍生品投資提示 1月16日恆指呈現沖高回落走勢，最終小幅收跌，跌幅接近0.3個百分點。盤中指數一度沖高至27100 點，接近保利加通道頂部位置，尾盤回落錄得微跌。從近期市場表現來看，恆指整體處於橫盤整理態 勢，日內雖存在一定波幅，但整體波動幅度相對有限。成交量方面呈現先萎縮後小幅回暖的特徵，市場 交投情緒處於溫和修復階段。 當前市場多空分歧較為明顯，多頭投資者認為，經過前期沉悶的震盪格局後，市場有望延續向好趨勢， 預計下週一指數或將高開，因此仍選擇持有牛證過夜佈局。而空頭投資者則持相反觀點，他們從中長期 走勢判斷，本輪行情已積累一定漲幅，後續大概率回補年初缺口，指數可能回落至26300點附近，因此 傾向於佈局收回價27900點的熊證。 需要特別提醒的是，1月16日為週五，若投資者選擇持有牛證、熊證過夜，持倉將跨越週末休市時間， 需重點防範收回風險。在衍生品產品選擇上，建議優先選取收回價遠離當前指數運行區間的合約。從技 術面來看，恆指下方支撐位參考26100點，極端情況下或下探至25700點，因此牛證投資者可重點關注收 回價在26000點以下的產品；上方阻力位則位於27400點和27800點區 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並表明概不就因本公佈全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1361） 二零二五年第四季度營運概要 本 公 佈 由 361 度 國 際 有 限 公 司（「 361° 」或「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 董事會提供以下有關本集團於二零二五年第四季度的營運概要。 361° 主品牌的零售表現（線下渠道） 361° 主品牌產品於二零二五年第四季度的零售額（ 以零售價值計算 ）較二零二四年 同期錄得約10 %的正增長。 361° 童裝品牌的零售表現（線下渠道） 361° 童裝品牌產品於二零二五年第四季度的零售額（ 以零售價值計算 ）較二零二四 年同期錄得約10 %的正增長。 – 1 – 361° 始終秉持「科技為本，品牌為先」的品牌策略，為體育用品行業的高質量發展 注入強勁動能。在跑 ...

Market Overview - The Hang Seng Index has shown significant improvement, rising to around 26,700 points, marking a recent high after fluctuating around 26,000 points in December [1][2] - The trading volume has reached approximately 250 billion, indicating a robust market atmosphere [1] - The A-share market has also reached a ten-year high, contributing to a positive sentiment in both markets [1] Investment Opportunities - The Hong Kong stock market experienced nearly a 30% increase last year, making it one of the best-performing years in recent times, with expectations for continued momentum into 2026 [2] - Key sectors to watch include chip stocks, technology shares, and resource stocks, particularly precious metals, which are gaining attention due to rising prices driven by geopolitical tensions [2] Specific Stocks - Zijin Mining (02899) has been performing well, with its stock price reaching recent highs. Investors are encouraged to consider related products, such as a call warrant with a strike price of 48.6 HKD [7] - Jiangxi Copper (00358) has also seen strong performance, with its stock price peaking at 45.96 HKD, benefiting from high copper prices and a portion of revenue from gold [8][9] - China International Capital Corporation (3908) has shown significant gains, rising 8% to 22.3 HKD, with expectations for continued interest in brokerage stocks due to increased trading volumes [10] - Guotai Junan (2611) has also performed well, with a 7.6% increase to 18.41 HKD, reflecting positive sentiment in the brokerage sector [11] Consumer Sector - Li Ning (2331) has seen its stock price rise to nearly 20 HKD, supported by government policies aimed at stimulating domestic consumption [12] - Investors are advised to consider related products, such as a call warrant with a strike price of 23.33 HKD, which offers significant leverage [12]

Group 1 - The core viewpoint of the article highlights a significant upward trend in Li Ning's stock price, which has recently broken through key resistance levels, with a closing price of 18.7 HKD, up 5.77% and a trading volume of 430 million HKD [1][3] - Technical indicators such as MACD, Bollinger Bands, and Bull-Bear Power are signaling buy opportunities, while some oscillators indicate overbought conditions, suggesting potential short-term adjustments [1][3] - The stock price is expected to oscillate between 17.4 HKD and 19.4 HKD, with key support levels established at 17.4 HKD and 17.2 HKD, and resistance levels at 19.4 HKD and 19.9 HKD [1][3] Group 2 - The recent price increase is driven by fundamental catalysts, including the opening of Li Ning's first global flagship store and the launch of a new product line, enhancing its high-end brand image [3] - The company has achieved full coverage on major instant retail platforms, significantly improving its market presence and consumer accessibility [3] - The Li Ning family has shown strong confidence in the company by significantly increasing their shareholding, purchasing nearly 20 million shares at an average price of 16.80 HKD, totaling 1.5 billion HKD [3] Group 3 - Investor sentiment is increasingly optimistic, with a consensus on the technical breakout and short-term price targets set between 19 and 20 HKD, aligning with identified resistance levels [3] - Derivative instruments linked to Li Ning's stock have shown strong performance, with a notable increase in related warrants reflecting the stock's upward movement [5] - Various derivative products are available for different risk appetites, including high-leverage options for aggressive investors and low-premium options for conservative investors [5][6]

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with recent hawkish signals from the Federal Reserve indicating less room for interest rate cuts than previously expected. The meeting between the US and Chinese leaders in October has temporarily eased tensions, but core issues remain unresolved. The Chinese economy showed further signs of cooling in Q3, with the 15th Five-Year Plan emphasizing the expansion of domestic demand and technological self-reliance, aligning with expectations. However, there are no strong signals for short-term policy adjustments, making it difficult for Hong Kong companies to see significant profit improvements. The Hang Seng Index has seen substantial gains this year, leading to profit-taking incentives as year-end approaches [2][4]. Company Focus - Meituan's performance is a key focus for the market today [3]. Macro Focus - In October, industrial profits in mainland China fell by 5.5%, with total profits for the first ten months reaching 5.95 trillion yuan, a year-on-year increase of 1.9%. The mining sector saw a significant profit decline of 27.8%, while manufacturing profits grew by 7.7% [4][8]. - The State Administration for Market Regulation is enhancing antitrust enforcement in key areas to promote fair competition and optimize the business environment [8]. - In November, 178 domestic online games were approved, including titles from Baidu and Bilibili [8]. - OPEC+ is expected to maintain its oil production policy unchanged in the first quarter of next year [9]. Company News - Anta Sports is reportedly considering a bid for Puma, but has not commented on the speculation [10]. - Bosideng reported a mid-term net profit of 1.189 billion yuan, an increase of 5.3%, aligning with expectations [10]. - Luk Fook Holdings announced a mid-term net profit of 619 million yuan, up 42.5%, meeting profit guidance [10]. - UBTECH Robotics secured an order worth 143 million yuan for humanoid robots, bringing total orders for the year to 1.3 billion yuan [10]. - Vitasoy's mid-term profit fell by 68%, leading to a dividend cut [10]. - DYNAM JAPAN reported a mid-term net profit of 3.072 billion yen, an increase of 40.3% [10]. - Alibaba and ByteDance are training AI models overseas to circumvent US export restrictions, utilizing Nvidia chips [10].

Market Overview - The Hang Seng Index is expected to hold around 25,000 points, reflecting a forecasted P/E ratio of 12 times over the next 12 months, amid uncertainties in U.S. monetary policy and ongoing U.S.-China trade tensions [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, with only one cut anticipated in 2026, which is lower than market expectations [5][10] Corporate News - Anta (2020) reported low single-digit growth in retail sales for its brand products in Q3 [12] - Cansino (6185) benefited from sales of its meningitis vaccine, with net profit increasing 842% year-on-year in Q3 [5] - China Aluminum (2600) achieved a net profit of 3.8 billion RMB in Q3, marking a 90.3% increase [5] - Meituan (3690) announced that its rider social security subsidies will now cover the entire country, becoming the first to establish a comprehensive protection system for all riders [12] - Pony.ai plans to raise over 7.56 billion HKD through its IPO, with a focus on expanding its autonomous driving services [12] - WeRide (0800) aims to raise over 3.09 billion HKD in its IPO, positioning itself as a leader in L4 autonomous driving solutions [12] Macro Focus - In September, profits of large-scale industrial enterprises in China increased by 21.6% year-on-year, with a cumulative growth of 3.2% for the first three quarters [10] - The Chinese government is set to deepen reforms in the ChiNext board to optimize financing and regulatory systems [10][11] - The Hong Kong government reported a 16.1% increase in exports and a 13.6% increase in imports in September, both exceeding market expectations [11] Sector Insights - The insurance sector is expected to benefit from strong A-share performance, leading to improved investment returns in Q3 [8] - AI concept stocks are gaining traction as mainland China accelerates the application of "Artificial Intelligence+" [8] - The report indicates that Alibaba and Baidu hold the top two positions in China's AI cloud market, with market shares of 30.2% and 22.5% respectively [11]

Group 1: Hang Seng Index (HSI) Analysis - The Hang Seng Index (HSI) experienced a slight increase of 0.72%, closing at 25,967 points, just below the 26,000 mark [1] - Market sentiment is mixed, with both bullish and bearish perspectives present, which is a normal market phenomenon [1] - Technical signals indicate a predominance of "sell" signals, with 8 sell signals compared to 6 buy signals, suggesting a cautious outlook [1] - The support level for HSI is around 25,400 points; if it falls below this, it may drop further to 24,600 points [2] - The resistance level is approximately 26,500 points, and investors are advised to consider bear certificates with a redemption price around 26,400 points [2] Group 2: JD Group (09618) Analysis - JD Group's stock closed at 128.7 yuan, with a support level at 124.3 yuan; a drop below this could lead to further declines to 117.7 yuan [9] - Some investors anticipate a rise to around 130 yuan before considering bearish positions, aligning with the current technical signals that favor buying [10] - The short-term resistance level for JD is approximately 135 yuan, indicating potential upward movement before any bearish actions [10] Group 3: WuXi Biologics (02269) Analysis - WuXi Biologics' stock has shown a slight decline with increased trading volume, indicating a potential buying opportunity [15] - The current support level is around 33.8 yuan; if this level is breached, the stock may drop to 30 yuan [15] - Despite the bearish sentiment, short-term technical signals are predominantly "buy," suggesting a favorable buying atmosphere [15] Group 4: Baidu Group (09888) Analysis - Baidu's stock is in a stable consolidation phase, with a support level at 111.3 yuan; a drop below this could lead to further declines to 98.4 yuan [21] - The short-term technical signals favor buying, with 10 buy signals against 5 sell signals, indicating potential for upward movement [21] - Investors are advised to consider bull certificates with a redemption price around 80 yuan for added safety [21] Group 5: China Unicom (00762) Analysis - China Unicom's stock closed at 9.39 yuan, near the upper limit of the Bollinger Bands, with a resistance level at 9.67 yuan [27] - A breakthrough of the 9.67 yuan resistance could lead to further increases towards 9.85 yuan, but reaching 10 yuan may take time [27] - The short-term technical signals are neutral, indicating no clear direction for price movement [27] Group 6: Li Ning (02331) Analysis - Li Ning's stock has shown strong performance, with a resistance level at 19.6 yuan; breaking this could lead to further increases towards 19.8 yuan [33] - The current technical signals are neutral, suggesting a lack of clear upward or downward momentum [33] - Investors are encouraged to monitor market trends and consider various sources of information for informed decision-making [33]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並表明概不就因本公佈全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於開曼群島註冊成立的有限公司） （股份代號： 1361） 二零二五年第三季度營運概要 本 公 佈 由 361 度 國 際 有 限 公 司（「 361° 」或「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 董事會提供以下有關本集團於二零二五年第三季度的營運概要。 361° 主品牌的零售表現（線下渠道） 361° 主品牌產品於二零二五年第三季度的零售額（ 以零售價值計算 ）較二零二四年 同期錄得約10 %的正增長。 361° 童裝品牌的零售表現（線下渠道） 第三季度業務更新 於二零二五年第三季度（「期內」）， 361° 通過產品科技創新、專業賽事贊助及多元 化合作活動，持續擴大品牌影響力及市場競爭力。公司戰略性攜手斯坦德機器人 （ 無錫）股份有限公司，為品牌注入智能基因，開啟 ...